2015 maritime losses a wake-up call for global underwriters: IUMI official
Posted On: Sep. 16, 2015 12:00 AM CSTNick Derrick, chairman of the cargo committee for the International Union of Marine Insurance, has said that losses suffered by the maritime sector in 2015 should be a wake-up call for global underwriters, reported IHS Maritime 360.
The insured loss estimate for the recent explosions at China's Tianjin port has now reached an upper limit of $6 billion, said Mr. Derrick. "The management of unexpected accumulation risk will become an increasing problem for cargo insurers in the future," added Mr. Derrick.